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Virginia league returns 300000 in dues to CUs

LYNCHBURG, Va. (12/29/09)--The Virginia Credit Union League will return $300,000 in dues payments to its member credit unions. Each affiliated credit union will receive a rebate of 20% of its 2009 dues payment. The league is able to finance the rebate because it recently sold stock it held in a shared branching operation. The league board thought it was prudent to sell the stock given the premium the league were paying, according to league President Rick Pillow. “We know many of our credit unions have had a challenging year financially given the economy and corporate stabilization costs,” said league Chairman Stan Leicester. We hope the dues rebate will help our credit unions cope with their budgetary challenges.” This is the first time the league has been able to rebate part of credit unions’ dues payments. Rebate checks were mailed Dec. 18.